Merck Mercuriadis’ Hipgnosis Songs Fund has raised more than $185m to use to acquire more music publishing assets, far exceeding estimates when the initial offer was made.

Merck raised the money by selling shares of the company to a handful of investors at a price of 102 pence per share. It was over-subscribed and has now closed. The company has raised $450m since its IPO in July.

“Less than a year ago we set out to demonstrate to the financial community that proven hit songs were as predictable and reliable, and therefore as investable as gold or oil,” Mercuriadis said. “I am delighted that we have this tremendous early support from best in class investors as this is not only a vote of confidence in Hipgnosis, it’s an acknowledgement of the power of hit songs all over the world.”

Hipgnosis catalogs include those of Nile Rodgers, The-Dream, Tricky Stewart and other hitmakers. Can Mercuriadis top his stated goal of securing more than $1b in three years? Stay tuned.